The domestic stock market ended with robust gains on Friday amid positive global cues. Shares surged on value-buying after the key domestic barometers slumped over 6.2% in the past seven consecutive sessions. All the sectoral indices on the NSE rallied. Realty, metals and PSU banks were in demand.
The S&P BSE Sensex, surged 1,328.61 points or 2.44% to 55,858.52. The Nifty 50 index jumped 410.45 points or 2.53% to 16,658.40.
Coal India (up 8.87%), Tata Motors (up 7.69%), Tata Steel (up 6.61%), Adani Ports and Special Economic Zone (up 6.51%) and IndusInd Bank (up 5.86%) were top Nifty gainers.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 16.39% to 26.74.
In the broader market, the S&P BSE Mid-Cap index surged 4.07% and the S&P BSE Small-Cap index surged 4.17%.
Buyers outpaced sellers. On the BSE, 2638 shares rose and 732 shares fell. A total of 94 shares were unchanged.
Global stock markets crashed on Thursday after Russia announced military actions in Ukraine. Following the action, the Western Countries imposed sanctions on the Russian economy.
Shares bounced on Friday as the economic sanctions announced by the US and others so far have not included any exile of the Russian economy from the global Swift payment system.
Swift, or the Society for Worldwide Interbank Financial Telecommunication, was launched in 1973 to serve as a neutral platform for banks to chat about financial transfers, transactions, and trades. Banning the entire country from Swift would halt Russia's ability to conduct international trade, receive foreign currency, or continue global business dealings. It could have severe spillover effects.
Further, the ongoing geopolitical tensions have led investors to believe that US Federal Reserve will tone down its plan to aggressively hike rates this year.
Numbers to Track:
The yield on the 10-year benchmark federal paper rose to 6.756% as compared with 6.759% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.30, compared with its close of 75.60 during the previous trading session.
MCX Gold futures for 5 April 2022 settlement fell 1.36% to Rs 50,840.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% at 97.15.
In the commodities market, Brent crude for April 2022 settlement rose 31 cents or 0.32% to $95.73 a barrel.
Global Stocks:
The Dow Jones index futures were down 211 points, indicating a weak opening in the US stock market.
Shares in Europe and Asia advanced on Friday, as market participants assessed the impact of Western sanctions against Russia after the Kremlin launched an invasion of Ukraine.
U.S. President Joe Biden on Thursday said Washington will seek to isolate Russia from the global economy by introducing new sanctions following Moscow's invasion of Ukraine. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.
The European Union also agreed to more sanctions on Russia, calling on the country to stop all military action and withdraw its forces.
Stocks in Spotlight:
UPL added 3.72% after the company said that its board is scheduled to meet on Wednesday, 2 March 2022, to consider a proposal for buyback of fully paid-up equity shares of the company.
NMDC jumped 5.06% after the state-owned mining company increased prices of lump ore by Rs 400 a tonne and that of fines by Rs 300 per tonne, with effect from today.
Bharat Electronics (BEL) jumped 6.52%. The Ministry of Defence has signed a contract for Rs. 1075 crore with BEL for the retro-modification of commander sight of battle tanks-T-90. The retro-modification will be carried out in 957 T-90 tanks of the Indian Army.
Vesuvius India tumbled 5.26% after the company's net profit declined 19.1% to Rs 13.14 crore despite a 10.2% rise in net sales to Rs 257.33 crore in Q4 December 2021 over Q4 December 2020. Profit before tax in Q4 December 2021 stood at Rs 17.74 crore, down by 20.1% from Rs 22.19 crore in Q4 December 2020.
Everest Kanto Cylinder fell 1.86%. The company said that the board its wholly owned subsidiary EKC International FZE has given its in-principle approval for setting up of a CNG cylinder production facility in Egypt. This facility would be set-up in the form of a joint venture with a local Egyptian partner with majority holding being with EKC FZE.
PNC Infratech advanced 1.07%. The company has been declared the L-1 (lowest) bidder for a NHAI Project of length 32.98 kms, requiring four laning of Mathura Bypass to Gaju Village section of NH-530B in the State of Uttar Pradesh. The project is to be executed on hybrid annuity mode at a bid project cost of Rs 885 crore.
KSB added 2.89% after the company reported 23.1% rise in consolidated net profit to Rs 39.40 crore on a 20.2% increase in net sales to Rs 444.60 crore in Q4 December 2021 over Q4 December 2020. Profit before tax in Q4 December 2021 stood at Rs 53.70 crore, down by 21.1% from Rs 68.10 crore in Q4 December 2020.
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